The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-04-24
TRYING TO REPRESS A BOOM
The Activity in the Local Real Estate
Market Gets Beyond Restraint.
conservative Men Try TO Discourage the Boom
ing Tendency, bnt Without Much Success
Important Sales During the Week.

The real estate market keeps pace with the
gas topic. although operators with bearish tend
ei,cies are trying to counteract the influence of
natures great product. 1t is asserted by them
that tile city was approaching season of steady
and healthy prosperity that did not need the aid
Of any particular or popular power to give prop
erty q value it has not had for years I'VE ex-
pccted ths market to enter advance last
year. said one Of them yesterday, 'but the
forces were wanting Yet. had anyone held
property for rise in price it would no have been
long before the feeling now present would have
been noticed with out gas or any other tempo.
rary force to help ito a period Of speculation.
/ regret that gas has taken precedence In sup
porting the advaDees of permanent value Do
not understand that am depreciating the
ultimate benefits this product will bring to the
city. am speaking Of it only as an accessory
TO speculative Values But gentlemen who
want to operate on the line of gradual increase
in values are in danger of being overbalanced
by those who are pinning faith in the new bust
ness craze Whether they have the best
81 the argument or not, the natural in
dEnation of the people to turn an honest profit
on holdings is coming to the front with venge-
anse.
Many options are being taken, and yet there
are many more bsiug refused at the ruling rate.
An average in these preliminary deals. reached
yesterday, was about two hundred dollars for
thirty days time. This was secured on
fortyracrs tract near the city. by gentleman
from Lonisvillo, and st the same time the same
agent had about closed trade for piece of
prcpsrtyin the neigh borhood of Massachusetts
avenue aud New Jersey street, for 500. In
that real Sstate Office can be found the advance
fever making the air red-hot with predictions of
an unexanipled period of prosperous deals. Gas
IL the arbitr there. and the agent speaks for all
Of his class,swhen he says. 'sWs would have had
busy sssssn without gas, but nothing like the
feeling that $ now manifested. Property that
has for ysarDbeen begging for purchasers is ex-
elusive, and treats offers with demand for
still higher reice.v To this a .bear' replied.
ssIn that is the danger You people are forcing
MP prices until it is almost hazardous to give the
price offered" The man of 'buliishv spirit
torsed, You cannot keep this specula-
ton down. Indianapolis can stand it now
as she nsver could before. The people are Just
asready to enter into it as they were in the first
Gays of ~ ard "a The city has grown greatly
since then. Her facilities are greater. She is
06HT6T
before and her natural advantages are sufficient
\ to make her the leading inland city of the coun-
try" Tho tsnor Of talk. however, shows that
way down in the heart Of the bearish real estate
mar lies wish to guide his steps along con-
servative path for a time Indeed, he is only
waiting to strengthen his plans for becoming the
xaeing bull Of the market. He simply does not
wish gas at this time to put up figures that
would frighten away capital at the outset
II have slO0.0O to invest" said bear" but I
am not snch fool as to throw it into market
when the condition. do notwarrant an immediate
jump. Let me gts JI an instance OF what this
gas talk is doing. .lere is piece Of business
properly principal of mine wants. offered
$l2 500 the other day and came near getting it at
that figure. Within Few hours the holder
became wild On gas ani advanced the price
to $4,000. While were debating about
the difference he concluded that he would not
take less than $40 coo for the property. We are
of in that deal for the present There are three
syndicates of local capitalists formed to operate
In real estate but we do not want to deal with
men who cry for the earth If people are de-
srous of selling, 1t is better to lei go the
scEable and natural advance now than to wait
for speculation to strike the market with
brcadside, when men of small means will be
crowded out. hear Of options being bought
outside property, five and ten miles from the
city. In that is another danger. OF course, the
ground there will appreciate in value, but the
profitable purchases are TO be be made inside OF
the city, or in the immediate vicinity of the Belt
railroad. You will not find me operating in
farms. There is enough land within two miles
of the postcfice to support anything that will
tend to permanently benefit the city. and allow
an enormous growth in thenext FIVE years"
A. gentleman who has large land interests, and
an experience since 1872 to gnide him. said in
reference to tho subdivisions he controls: I'VE
have sold more lots this spring than for two
years past. 1t s not our wish To sell any more
Il at present, although haya many inquiries.
The property left to us-and it is considerable
Is now off the market, waiting Developments.
So Tar we have received from $3.50 to 81, 200 for
4 our lots, but they are approaching in value so
steadily that we want to let the sales rest for a
time. We had business honse to sell and the
4 purchaser was ready, but 1900 kept him from
closing the sale. Now he cannot get IL, for the
property has been Withdrawn from the market
Under the natural advance the city will increase
her population $4,000 yearly, but with gas al
most at her doors increase of 20, 600 to 1000
people may be looked for annually within the next
i've yeare.'
The lots belonging to the Fletcher & Sharpe
trust few weeks ago were held at $50. Within
the last few DAYS several sales have been made
at from 1925 to $685. In that direction the
building associations have done great good, for
now ten workingmen own their houses where
y there was but one year ago.
Woodruff Place is progressing under like in
4 duences. and on tina lots near the Arsenal, al
y OF which have been sold Tor ouildlng purposes,
eighteen honses are to be put up Immediately.
Another feature of the situation is the strong
Inflow of outside capital The proceeds of
profitable deals IN lands in the small towns
where gas only has been the cause of advance
IN real estate are seeking Indianapolis. man
from the north part of the State has $l5. 900 to
invest Els town has gas. but he left it for
indianapolis. There are numerous instances of
this kind. and tbs real-estate men say they
notice the marked presence of strangers. all of
i whom make inquiries about prices either for
outright deals, or to place the money in options.
But there is another and more important chan
IS Eel OF capital flowing this way. Chicago parties
have money waiting to let out. and in the past
y two days representatives of the Anderson and
Lonsworth heirs, the largest real-estate owners
81 ~ Cincinnati, have been investigating condi-
lions Ut the induirers from that city, NJ E.
ingalls, is one of the most active. Louisville ia
also showing q desire for Indianapolis property.
While the movement OF Eastern money hither-
wards has been going on for some time
Tho influence of all this is exhibited in the de-
mands for abstracts. There ia not an abstract
mar IN the city who has not AS much work AS he
II csn do II have been working for the past ten
days" said one, until late at night. l notice
We movement in real estate only through nv
ONCE / have time for anything but ab
sfracts. From this, know the real estate trade
ncvsr began q season more prosperously. I'm
less people buy or very close to it they do moi
w6nt abstracts"